Fenjiu Group acquires CBA club Shanxi Zhongyu

TAIYUAN - Li Weiping, deputy general manager of Shanxi Fenjiu Group, announced Sunday that the listed wine corporation has 100 percent ownership of the Chinese Basketball Association (CBA) club Shanxi Zhongyu.

Li declined to reveal the transfer fee but said, "Our decision was based on the appraisal price given by an independent asset appraisal agency."

Zhongyu club's ownership has been in question since the end of April, when Beijing Group Enterprises Co. Ltd bought the club but Shanxi Provincial Sports Bureau refused to let the club to move its base to Beijing.

In the meantime, Fenjiu Group held talks with Zhongyu club, Beijing Group Enterprises Co. Ltd until they reached an agreement on Friday. As Zhongyu's title sponsor since 2009, Fenjiu Group is willing to keep the club in the western city.

"We have been on excellent terms these years. That's why we decided to keep them here," Li said.

According to Li, Fenjiu Group will soon find professional staff to manage the CBA team. "We strive for a top-three berth, or even the champion, in the next three to five years," he said.

Shanxi Fenjiu will visit Tianjin Ronggang in the 1st round of CBA new season on Sunday.